UBS cuts 2,000 jobs

Losses & Lawsuits

ZURICH - Swiss bank UBS says it is cutting 2,000 jobs and exiting several business lines in response to problems faced by its investment banking division. The losses will cut its investment banking division by 10% to 17,000 employees.

Since the outbreak of the subprime crisis, UBS has written off more than $40 billion (EUR28 billion), taken $27 billion in two separate capital injections and cut its investment banking arm workforce by 20%.

Chairman of UBS' investment bank Jerker Johansson says: "A right-sized investment bank, positioned alongside UBS' wealth management and institutional asset management business, will enable UBS to position itself as one of the core group of universal banks that are likely to dominate in this redrawn landscape."

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